What is Sukanya Samriddhi Yojana (SSY)

SSY aims at tackling a  major problem associated with the girl child, i.e. education and marriage. SSY aims at securing a bright future for the girl child in India by facilitating the parents of a girl child in building a fund for proper education and care-free marriage expenses of their girl child. SSY has introduced Sukanya Samriddhi Account for this purpose.

What are its rules?

ParticularsProvision as per SSY Rules 2016
Who would be the beneficiary of the SSY accountAny girl child who is a resident Indian, from the time of opening of an account, till the time of maturity/closure
Who can open the account?Parents or legal guardian of a girl child who has not attained the age of 10 years, can open the account
Who can deposit and operate the account?
  • Either the guardian or girl child (if she has attained the age of 10 years) may deposit the amount and operate the account
  • Account shall be mandatorily operated by the girl child after she attains age of 18 years.
Number of accounts
  • Only one account per girl child
  • Accounts can be opened for a Maximum of two girl children in one family, i.e. unit having a person, spouse and children (including adopted children)
  • Accounts for more than two girl children are allowed in case of more than two girl children born in the first order of birth or in a scenario of one girl child in first order of birth and twins or more than twins in the second order of birth
Where can SSA account be opened?In any

post office or authorised branch of commercial banks

Documents required to open the Account
  • Birth certificate of the girl child
  • Identity and residential proof of the guardian
  • Medical certificate for proof of birth of multiple girl children on a single order of birth
  • Any other documents as required by post office or banks
When can an SSA account be opened?Any time between birth of girl child till she attains the age of

10 years

Deposit threshold and tenure
  • Minimum of Rs 1,000 and maximum of Rs 1,50,000 in every financial year, up to 15 years
  • Multiples of Rs 100, subject to the above cap
Mode of DepositCash, cheque, demand draft or online transfer
Interest on deposits
  • Current interest rate is 8.1%
  • Entire deposit in ‘Account under default’ (where a minimum amount of Rs 1,000 has not been deposited) which is not regularised within prescribed time would earn interest on the post savings bank account, except if the default is due to the death of the guardian who opened the Account
  • No interest is payable after the completion of tenure of SS, i.e after 21 years from account opening
  • No interest accrues after the girl child becomes non-citizen or non-resident
Consequences of excess or short deposit
  • Excess –  Any deposit above the maximum cap will not earn any interest and can be withdrawn anytime by the depositor
  • Shortage – Account shall be considered as ‘Account under default’ if no minimum is a deposit made in a financial year and can be regularised within 15 years of Account opening on payment of a penalty of Rs 50 per default year
Tenure of SSA21 years from Account opening date
Rules pertaining to the closure of SSAClosure on maturity

  • Account matures after completion of tenure of 21 years and balance in SSA including interest is paid to the child on submitting an application and proof of identity, residence, and citizenship documents

Premature Closure Allowed only in the following situations:

  • Reasons of intended marriage after a girl child attains the age of 18 years makes an application between one month prior to marriage and 3 months after marriage along with her age proof documents
  • Death of girl child on the production of death certificate and balance in the SSA will be paid to the guardian
  • Deemed closure in case of change in the status of girl childi.e., girl child either becomes non-resident or non-citizen of India. Such status change shall be communicated by girl child or guardian within one month of status change
  • After completion of 5 years from the opening of SSA, if post office or Bank is satisfied that operation or continuation of SSA is causing undue hardship to the girl child (such as the death of the guardian, medical reasons of girl child), the girl child or guardian may order for premature closure
  • For any other reasons, if SSA is to be closed anytime after the opening of SSA, it will be permitted, but the entire deposit would earn interest rate applicable to post office savings bank
Withdrawal
  • is allowed for higher education purpose if girl child has either attained 18 years or completed 10th standard for meeting actual fee or other charges required at the time of admission
  • Documentary proof by way of a confirmed offer of admission in an educational institution or fee slip shall accompany the application for withdrawal
  • Withdrawal has a maximum cap of 50% of the balance in SSA at the end of preceding financial year and can be made in either one lump sum or in 5 installments not exceeding one installment per year
Transfer of balance is SSABalance in SSA can be transferred anywhere in India and from or to post offices, from or to banks, and between post offices and banks for free of cost, upon furnishing of proof of change of residence of either guardian or girl child. Under any other circumstance, such transfer can be made by paying a fee of Rs 100.

PM Sukanya Samriddhi Scheme – Eligibility

  • Girls of Age 10 years or below are eligible to join this scheme with their parents/guardian opening the account and doing the formalities for them

Note – NRI’s can’t participate in this scheme

Opening Sukanya Samriddhi Yojana Account (Khata) in Post Office or Bank

Sukanya Samriddhi Account Opening in Post Office

For those who are interested in opening Sukanya Samriddhi account in Post Office, here are the steps –

  • First of All get the Application Form (Links in the End of Article)
  • Fill in the application form and also attach following documents –
  1. Birth Certificate of Girl Child
  2. Address Proof of Parent (or Guardian)
  3. Proof of Identity of Parent (or Guardian)
  • Submit the Complete application and submit it atthe nearest post office
  • Make your First Deposit and receive the passbook from the Post Office Official

Once the account is opened, make a habit to add some amount regularly. This small investment will help your girl child a lot in the future

PM Sukanya Samriddhi Yojana Account Opening in Bank

                  Open Sukanya Samriddhi Bank Khata in SBI,ICICI or Any Other Bank

  • First of All get the Application form
  • The Parent or Guardian Needs to fill in the application form and attach the birth certificate of girl child along with the address and identity proof( of parent or Guardian)
  • Submit these documents and tell the official in the Bank Branch that you want to open thesukanya samriddhibank account
  • Official will check the application form and attached documents
  • If everything felt ok, He will process your request and open the account for you
  • Once the passbook is delivered, you can make your First deposit

Sukanya Samriddhi Account Benefits

  • The bank account opened under the Sukanya Samriddhi scheme will have the special ability that a handsome interest will be offered. The minimum deposit to be made is Rs 250 and the maximumdeposit is Rs. 1,50,000.
  • Transfer of Bank Account is possible to anywhere in India
  • Passbook facility will be offered at the time of opening bank account
  • The Girl can start operating the bank account, once she reaches the age of 14 years

Interest Rate Being Offered in Sukanya Samriddhi Accounts

The interest rates change every financial year. The interest rate being offered in the current financial year is 8.6%

Calculator for SSY –

If you want to make calculations, you can make use of maturity calculator:

You can check the Maturity Value using the details given in the official notification

Other Important Details

  • If yearly contribution is not made, premature closure of Sukanya Samriddhi account is possible
  • If girl gets married before 21 years the account will become non-operative
  • If the girl child dies, the account will be closed immediately and balance amount will be given back to the parents/guardian

Sukanya Samriddhi Account -Online Payment & Balance Checking

It has now become much easier to make some savings for your girl child by making the payments via online. The PM has set a criterion for the deposit under this scheme, the parents of a girl child can easily deposit up to 1.5 lakhs on behalf of the girl which accrues with an interest rate of 9.2% per annum. The scheme will get matured when the girl becomes 21-years old or during her wedding, whichever comes first. The Sukanya Samriddhi Account can be opened with a minimum balance of Rs. . Rs. 250 The amount can only be withdrawn by the girl child and no one else. She can use this amount for her education and wedding purposes. The parents or guardians can now check the balance via online and also make the payments through the online portal without visiting here and there. 

Download Sukanya Samriddhi Yojana Application Forms as pdf File

Post Office Account Opening Application Form

ICICI Bank Sukanya Samriddhi Yojana Form

Common Application Form for All Banks (SBI, BOB etc)

Sukanya Samriddhi Scheme Complete Details in Hindi

For complete information in hindi, we are providing you this pdf file. Download the file and read all information

Download Details in Hindi as pdf file

Download Official Notifications Pdf

Download Official Notification issued by Postal Department (Post Office)

Official Notification from mygov.in